Term
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Definition
| The improvement in labor created by education and knowledge that is embodied in the work force |
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Term
Value of the Marginal Products
[Labor] |
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Definition
| The value of the additional output generated by employing one more unit of a given factor, such as labor |
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Term
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Definition
| Organizations of workers that try to raise wages and improve working conditions for their members by bargaining collectively |
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Term
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Definition
| The time available for purposes other than earning money to buy marketed goods. |
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Term
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Definition
| The decision about how many hours to spend on different activities, which leads to a decision about how much labor to supply |
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Term
Individual Labor Supply Curve
[Labor] |
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Definition
| A graph showing how the quantity of labor supplied by an individual depends on that individual's wage rate |
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